Kross IPO: Issue subscribed nearly 88% on Day 1 of subscription; check latest GMP, price band and other details

Kross IPO opens today for public subscription

Kross IPO subscription status Day 1: Kross Ltd's initial public offer (IPO) was subscribed 88 percent on the first day of subscription that began today. The auto parts manufacturer mobilised Rs 150 crore from anchor investors on Friday. The retail quota was subscribed to nearly 67 percent.

The non-institutional investors (NII) category received a 61 percent subscription, while the portion for Retail Individual Investors (RIIs) got subscribed 1.50 times.

The issue, with a price band of Rs 228-240 per share, opened for public subscription on September 9 and will conclude on September 11. The company plans to use the net proceeds of the fresh issue for the purchase of machinery and equipment, payment of debt, and funding the working capital requirements of the company. Besides, a portion will be used for general corporate purposes.

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Bids can be made for a minimum of 62 equity shares and in multiples of 62 equity shares thereafter. The equity shares are proposed to be listed on the BSE and the NSE.

The Jamshedpur-based company's IPO consists of an Offer for Sale (OFS) by the promoters totalling up to Rs 250 crore and a new issue of equity shares valued at Rs 250 crore.

Founded in 1991, Kross is a diversified player focused on manufacturing and supplying trailer axle and suspension assembly and a wide range of forged and precision machined high-performance safety critical parts for medium and heavy commercial vehicles and farm equipment segments.

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